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Market With Millennials, Not At Them

ORLANDO -- Nine out of 10 millennials think owning life insurance is important, according to new research by LIMRA.

Seven in 10 say they want to make purchases face to face. This finding refutes the perception that younger people are interested only in online transactions.

The bad news is insurers continue to have trouble reaching the millennial generation -- those ages roughly 18 to 36. LIMRA shared the new data Monday during an opening session of the 2017 Life Conference.

The key is to market with millennials, not at them, said Scott Kallenbach, research director, LIMRA Strategic Research.

He concluded the session with a story about his niece's college roommate, who began posting pictures of her meals on Instagram. She also mentioned the product names she used to make her meals.

Before long, the niece and her roommate were receiving free food sent by companies seeking further millennial marketing from the pair.

"Marketing with them, not at them," Kallenbach said.

So how can insurers find millennials? Kallenbach and his co-presenter, Neal Shah, himself a millennial, suggested reaching out to their own employees. Likewise, everyone has millennials among their own networks. And LIMRA is available to strategize ideas, Shah said.

Some in the audience remained skeptical that agents will end up providing all the information and education, only to see a potential buyer go online to make the purchase.

But that's a chance agents will have to take in order to break into the lucrative millennial market, the researchers said. Millennials number more than 75 million people.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.